Evaluation of Ethereum's Value: Key Developments Needed for ETH Stability

Ethereum staged a technical bounce back last week, recovering from the $2,200 region to above $2,400. However, ETH remains under pressure from macro uncertainty and weakening bullish momentum across altcoins. If key resistance levels are not reclaimed with volume and conviction, the bounce may be short-lived. The 200-day moving average is a critical resistance zone, and if buyers fail to convincingly reclaim it, ETH could drop further.

On the other hand, a strong close above the $2,550 mark will invalidate the bearish structure and open the possibility of reaching the $2,800 resistance level. Ethereum's holdings on centralized trading platforms have dropped to 18.8 million ETH, the lowest in recent years, reflecting reduced selling pressure and preference for self-custody. This could set up a potential supply shock, but short-term price action remains technically vulnerable.